OCEAN will not compete in the 2013 GP2 Championship

168 views

The Portuguese team led by Tiago Monteiro and Jose Guedes made the decision following the lack of financial support.

Ocean Racing Technology, owned by OCEANATIONAL MOTOR SA and led by Tiago Monteiro and Jose Guedes, will not be taking part in the upcoming 2013 GP2 Championship season.

After four seasons in the GP2 Series, three in GP2 Asia and a season in GP3, the Portuguese team made the decision following the lack of financial support that had been agreed upon with the Portuguese State and Parkalgar.

Ocean Racing Technology team photoshoot: Tiago Monteiro, team manager, and Jose Guedes, team manager
Ocean Racing Technology team photoshoot: Tiago Monteiro, team manager, and Jose Guedes, team manager

Photo by: GP2 Series Media Service

Ocean Racing Technology was established in late 2008, and began competing in the Formula One feeder series in 2009, soon succeeding in their rookie year by securing some strong results, including their first 'pole position ', victory and fastest race lap at the legendary Spa Francorchamps circuit, considered by many to be the most difficult track in the world.

All the hard work completed by Ocean earned them early recognition and respect from the entire paddock, the very proud Portuguese team highlighted the name of Portugal around the world.

Once again, at the invitation of Bernie Ecclestone and Bruno Michel, 2012 saw them decide to participate in the GP3 Championship Series, where it soon become evident that they would secure remarkable results in their debut season, such as recording the fastest race lap in the first two races, and standing on the podium for the first time in only their second race, this time at the prestigious Monaco circuit.

Despite the excellent results achieved in their first season, the Portuguese team became embroiled in a series of breaches of established financial agreements, such as the advertising sponsorship contract signed with Parkalgar, Technology Parks and Sports, SA, that jeopardized the management and performance of the team for the upcoming seasons, and in turn forced them to make this decision.

Kevin Mirrocha, Ocean Racing Technology
Kevin Mirrocha, Ocean Racing Technology

Photo by: GP2 Media Service

The Portuguese government, in the form of the Secretary of State for Sport and Youth, Dr. Laurentino Dias, then intervened and organized a draft constitution for the Portuguese team OCEANATIONAL as well as negotiations that culminated in the conclusion of the contract, the Portuguese Government assuring the team that payment to the value of the agreed installments from sponsorship and advertising would be safeguarded.

The intervention, support and co-responsibility from the Portuguese Government throughout this process was the key, without which we would not have be able to advance, and we did advance with the project OCEANATIONAL.

Since then Ocean has fulfilled all its contractual obligations, however both Parkalgar and the Portuguese Government have failed to make the agreed financial payment.

Therefore, this is the only feasible decision that can be made at this time, however, both Tiago Monteiro and Jose Guedes cannot rule out the possibility of the team returning to action, if these financial conditions are met.

Today, Ocean Racing Technology have participated in a total of 106 races, 45 days of GP2 testing, 16 races and 8 days of GP3 testing, won victories, podiums, 'pole positions', fastest laps, and broken circuit records.

To all who have supported our project over the past few years including fans, partners, media, officials, we give our many thanks.

Write a comment
Show comments
About this article
Series GP2
Article type Breaking news
Tags gp2, guedes, monteiro, ocean

Latest gp2 photos

Yas Marina
GP2

Yas Marina

384 photos
Sochi
GP2

Sochi

373 photos
Monza
GP2

Monza

352 photos
Spa-Francorchamps
GP2

Spa-Francorchamps

414 photos
Hungaroring
GP2

Hungaroring

310 photos
Hockenheim
GP2

Hockenheim

309 photos
Silverstone
GP2

Silverstone

370 photos
Spielberg
GP2

Spielberg

184 photos
View more gp2 photos

User photos

f1ramsay
GP2

f1ramsay

24 photos
gloster
GP2

gloster

2 photos
SanpedroAlice
GP2

SanpedroAlice

2 photos
JL06
GP2

JL06

23 photos
Upload photo